Synopses & Reviews
It is in Books IV and V of The Wealth of Nations that Adam Smith offers his considered response to the French Physiocrats, perhaps the first great school of economic theorists, and assesses the nature of the mercantile system, particularly the coloniaL relationship with America, whose achievements could have been even more spectacular if conditions of free trade and economic union had existed. Even on the eve of the Declaration of Independence, Smith famously predicted that America "will be one of the foremost nations of the world." It is also here that he develops the case for a limited state role in economic planning, notably to combat market failure and induce efficiency in areas such as education, public works, justice, and defense. His pioneering analysis still provides many subtle and penetrating insights into one of today's most vital and controversial policy debates.
In the PENGUIN CLASSICS series, a single volume comprising books IV and V of Adam Smith's eighteenth century political treatise, WEALTH OF NATIONS. It includes an assessment of the mercantile system and an advocacy of the freedom of commerce and industry.
Smith offers his considered response to the French Physiocrats and assesses the nature of the mercantile system.
The classic economic treatise that inspired Thomas Pikettys Capital in the Twenty-First Century
With this landmark treatise on political economy, Adam Smith paved the way for modern capitalism, arguing that a truly free market fired by competition yet guided as if by an invisible hand to ensure justice and equality was the engine of a fair and productive society. In Books IV-V, Smith offers his considered response to the French Physiocrats and assesses the nature of the mercantile system.
The Wealth of Nations (Books I-III) are also published in Penguin Classics.